FT: The fear of a global oil shortage within five years on Tuesday propelled oil futures prices to well above $130 a barrel, further stoking inflationary pressures in the global economy.
Investors rushed to buy oil futures contracts as far forward as December 2016, pushing prices as high as $139.30 a barrel, up $9 on the day. Veteran traders said they had never seen such a jump. The spot price hit a new record of $129.60 a barrel.
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